KPMG Personalization

Notice of updates
!

Since the last time you logged in our privacy statement has been updated. We want to ensure that you are kept up to date with any changes and as such would ask that you take a moment to review the changes. You will not continue to receive KPMG subscriptions until you accept the changes.

Hi
!

Our privacy policy has been updated since the last time you logged in

We want to make sure you're kept up to date. Please take a moment to review these changes. You will not receive KPMG subscription messages until you agree to the new policy.

Related content

Americas

Europe

EU: Tax developments in the EU include Court of Justice of the European Union (CJEU) decisions concerning the amortization of goodwill for shareholdings in foreign companies, Irish air travel tax, and the difference in the Danish tax treatment of domestic and foreign interest income.

UK: Two amendments have been made to the hybrid mismatch rules to improve the way the rules will work.

UK: The government published Finance Bill 2017, which included business and individual tax provisions.

UK: The government announced a 25% tax charge on certain transfers to overseas pension schemes.

UK: The application of anti-hybrid and other mismatch rules involving private equity funding in the UK must be considered.

UK: All public sector organisations as defined in the Freedom of Information Act 2000 will be responsible for reviewing and identifying the employment status of all workers engaged through personal service companies including those provided through a third party (e.g. an agency) beginning 6 April 2017.

Trade & Customs

China: The General Administration of Customs issued a decree that applies to the administration on country of origin for importations from the least developed countries that enjoy special preferential tariff treatment.

Rev. Proc. 2017-28 provides guidance to employers on the requirements for employee consent used by an employer to support a claim for refund of overpaid taxes under the Federal Insurance Contributions Act (FICA) and the Railroad Retirement Tax Act (RRTA).

The Court of Appeals for the Second Circuit heard a case of cross appeals from orders of the U.S. Tax Court relating to whether the taxpayer underreported income on the 2004 income tax return and whether the taxpayer was subject to self-employment income tax plus a penalty on a $2 million payment received from a now-defunct tax-shelter scheme.

Arkansas House Bill 1562, which has been sent to Governor Hutchinson for signature, makes certain changes to how partnership income is apportioned to Arkansas. Specifically, effective for tax years beginning on or after 1 January 2018, a partnership that files an Arkansas partnership return and has income from both within and without Arkansas must apportion income to Arkansas under the Uniform Division of Income for Tax Purposes Act or UDITPA.

The California Taxpayer’s Association released a document exploring certain recommendations for improving utilization of the state’s partial sales and use tax exemption for manufacturing and research and development (R&D) equipment, which was adopted in 2013. One of the recommendations is to clarify the “useful life” requirement.

The New Jersey Division of Taxation issued a Technical Bulletin discussing what taxes are required to be added back in determining New Jersey Corporation Business Tax.

The Pennsylvania Department of Revenue removed a letter ruling on the taxability of canned software support services from its website and presumably revised guidance will be issued in the future.

The House Judiciary Committee favorably reported H.R. 1393, the ‘‘Mobile Workforce State Income Tax Simplification Act of 2017.’’ If enacted, H.R. 1393 would limit a state’s ability to require withholding and payment of personal income taxes unless an employee (1) is a resident of the state, or (2) has been present and performing employment duties in the state for more than 30 days during the calendar year.

The KPMG logo and name are trademarks of KPMG International.
KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.
The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.